Update again: No replies, yet but I guess I have more information.
My coffee can did not leak a drop overnight. So I guess it is safe to say, my soil should hold water if properly compacted.
So I guess the ball of soil into water, only tells you that you do not have 100% clay. If you had 100% why would you need to test it.
Summary to me anyways. Is that is a worthless test. Anybody agree with me?